Date:26/09/2007 URL: http://www.thehindu.com/2007/09/26/stories/2007092662201200.htm

Tamil Nadu

Bid to boost trade with Argentina

Special Correspondent

Inflation kept below five per cent
The currency rate has stabilised

CHENNAI: Issue of visa even before you finish your coffee and doubling trade between India and Latin American Countries in general, and with Argentina in particular, will be the agenda of Ambassador-Designate to Argentina R. Viswanathan.

Speaking at a seminar on “Latin America–Business and Investment Opportunities,” organised here on Tuesday by the Engineering Export Promotion Council, Mr. Viswanathan said: “The trade between India and the Latin American Countries is $9 billion, and the investment in Argentina by Indian firms is $8 billion. By 2010-2011, we would like this to double to $20 billion and $15 billion respectively.”

Later, talking to The Hindu, Mr. Viswanathan said he was trying to help Indian businessmen increase the Indo-Argentina bilateral trade from $1.2 billion in 2006 to $3 billion in the next three years.

In Argentina, he wanted to replicate ‘coffee with visa’ concept for business visitors he introduced in Venezuela. Besides, an Indian trade fair would be held from March 26 to 29, 2008, to help Indian companies. Over 200 Indian firms would take part in the fair, and the focus would be on agriculture, information technology, chemicals, and pharmaceuticals.

Urging the Indian businessmen to make investment or seek collaboration with others, he said: “The situation in Argentina has changed for the better. Inflation has been tamed and kept below 5 per cent, debt is under control, the currency rate has stabilised. This is a good time to buy assets, factories and farms, as the prices are half of what they were before the devaluation in 2002.”

Local firms invited

Tamil Nadu Industrial Investment Development Corporation Chairman and Managing Director S. Ramasundaram regretted that the best names in the industry were not interested in building infrastructure projects in the State. The multi-product Special Economic Zone at Perambalur and Hosur were awarded to GVK Infra Tech Ltd and GMR Infrastructure, and DLF secured Tidel Park 2. Expression of Interest had been called for to finalise joint venture partners for the Virudhunagar SEZ.